Buying foreclosures and short sales and profiting from them

Yes this is the best time to do that currently as vacant homes are at all-time high levels. i really don't know about buying them and short-selling them for profit as of yet though as so many people are still struggling to pay mortgages on houses their already in. i think it would probably be better to buy foreclosed homes and fix them up if needed and rent them out or either wait until the housing market improves so there is more then likely to be buyers. there's still buyers of course but there won't be as many due to how bad the housing market is. i heard one economist say today that the housing market would take 3 to 5 more years to recover. i say foreclosed homes would probably best to rent out to others if you were to buy them.

Buying foreclosed properties are usually cheaper than brand new ones. However, you will just have to make sure of the status of the property before buying it. It would be best if the property would come from the bank rather than private financing. At this time however, you may not yet be able to re sell the property because of the current economic situation. what you can do at the moment is to enhance it and have it rented. The rentals can cover probably a portion of the amortization and the maintenance. In that case, you don't have to use your personal money for the maintenance of it. Study the market before selling it because the last thing you want to do is to lose some bucks. Goodluck!

Yes, it's a buyer's market right now but be prepared to sit in the property for a while since home sales are still very low in most areas. If you plan to turn the property into a rental you're going to have to check out the going rate for similar rentals so that you don't end up renting for less than the monthly mortgage payment. Also, keep in mind that you will need to be financially able to replace certain appliances if they break like a stove, hot water heater or furnace...all of which are the responsibility of the landlord.

It is definitely a Buyers market. I would wait just a little while because I think that when the interest rate on mortgages reset, that you will see a whole new wave of foreclosures and when that happens, prices will drop even further. I just saw an article (haven't read it yet) that forecasts a second dip into recesssion. If true, that should pressure prices down even further. I'm not awfully familiar with short sales but watch a lot of the house hunting shows on HGTV. Apparently, short sales aren't as simple as you would think. Banks take quite a long time to move on them and they have to approve before you can buy. I've heard that a bid can take 6 months or longer for approval. Good luck.

In my opinion a buyers Market. There are so many incentives for first time owners that assist in trying to bring the downfall in home foreclosures black market. However, make sure you have a good attorney as there are so many hidden add ins that come with foreclosures and short sale homes.